Nigerians to pay FG for each bank transaction they made

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Nigerian citizens who use USSD services have started paying N6.98 for each transaction session.

USSD is favoured by those who don’t have access to the Internet or physical banking infrastructure to deliver financial services.

“Welcome to USSD Banking. Please note, an N6.98 network charge will be applied to your account for banking services on this channel,” one notice read.

The charge on the users by the Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) was concluded in March this year.

The decision was part of an agreement reached following a disagreement between banks and telecom firms over USSD and other text message transaction requests.

A joint statement signed by the CBN and NCC said “USSD services for financial transactions conducted at DMBs (Deposit Money Banks) and all CBN-licensed institutions will be charged at a flat fee of N6.98 per transaction.”

However, the charges will be removed from users’ bank accounts and remitted to mobile network operators.

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